DIAGNOSING PROBLEMS WITH COINBASE'S RISK MODEL, $300M A YEAR LOST TO SCAMS

Summary from the TLDR Crypto newsletter

Coinbase users have lost over $65M in just two months to social engineering scams, largely because aggressive risk models fail to prevent sophisticated phishing attacks that exploit personal data and spoof Coinbase communications. While Coinbase has made significant contributions to crypto adoption, critics argue that its inadequate response to theft reports, lack of real-time security interventions, and failure to pursue legal action against known scammers leave users vulnerable compared to competitors like Kraken, OKX, and Binance.